OMA, as the Monterrey, Mexico-based company is known,
jumped 4.6 percent to 31.38 pesos at 11:44 a.m. in Mexico City
after earlier touching 31.80 pesos, the highest intraday price
since April 2008. The benchmark IPC index fell 0.4 percent.

Third-quarter adjusted net income soared 57 percent to 218
million pesos ($16.8 million), above the 178.8 million-peso
average estimate of five analysts, according to data compiled by
Bloomberg. Adjusted operating income, leaving out depreciation
and amortization, rose 25 percent to 425 million pesos, while
revenue advanced 16 percent to 798 million pesos, the company
said in a filing to Mexico’s stock exchange.

“The key to the good performance in the report has been
the increase in passenger traffic,” Ramon Ortiz, an analyst
with Corp. Actinver SAB, said in a telephone interview from
Mexico City. “That helped aeronautical revenue to perform
well.”

Traffic rose 9.1 percent to 3.4 million passengers in the
three-month period ended in September, contributing to a 17
percent jump in so-called aeronautical revenue, according to the
filing. Non-aeronautical revenue, which includes operations of
stores, restaurants and parking lots, climbed 18 percent in the
period.

Ortiz reiterated his buy recommendation on OMA after the
report, saying in an e-mailed research note dated yesterday that
the operator’s valuation is the “most attractive” among
Mexican peers.

The company trades at 14.5 times estimated 2013 earnings,
according to Actinver’s projections. Industry peers Grupo
Aeroportuario del Sureste SAB and Grupo Aeroportuario del
Pacifico SAB trade at 18.7 times and 22.9 times next year’s
earnings, respectively, the Actinver report said.